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Tag: FMN

  • Shareholders okay FMN’s buyout scheme

    Shareholders okay FMN’s buyout scheme

    In a landmark decision, shareholders of Flour Mills of Nigeria (FMN) voted overwhelmingly in favour of a minority shares buyout scheme during a Court-Ordered Meeting (COM).

    The meeting, which coincided with FMN’s 64th Annual General Meeting (AGM) at the Balmoral Convention Centre, Lagos, saw 98.67% of minority shareholders approving the buyout at an increased offer price of N86 per share. The pivotal resolution mandated by the Federal High Court in Lagos, marked a significant milestone for FMN, one of Nigeria’s leading food and agro-allied companies.

    The scheme of arrangement between FMN and its shareholders sought to consolidate ownership under majority stakeholders while addressing concerns raised by minority shareholders during the meeting. Initially, minority shareholders voiced concerns over the proposed buyout price, calling for a higher valuation.

    These deliberations, charged with emotions and speculation about FMN’s potential departure from Nigeria, reflected the shareholders’ deep investment in the company’s legacy and future.

    Read Also: FMN holds AGM as shareholders applaud performance

    The meeting took a decisive turn when Chairman of FMN’s Board of Directors, Mr. John G. Coumantaros delivered an impassioned address.

    Reflecting on the company’s 64-year legacy, he recounted how his late father, George S. Coumantaros, founded FMN in the 1960s, inspired by Nigeria’s resilient and ambitious spirit. Underlining FMN’s commitment to Nigeria, Mr. Coumantaros reaffirmed the company’s dedication to job creation, national growth, and food security.

     “To reiterate, FMN will not leave Nigeria. FMN and Nigeria are inextricably bound together, with Nigeria positioned as the headquarters of our Pan-African growth story and the center of excellence as we deepen investment in our different verticals,” he assured. His announcement of the revised buyout price of N86 per share was met with widespread approval, easing tensions and solidifying support.

     The overwhelming approval of the buyout resolution reflects shareholders’ trust in FMN’s vision and leadership.

     The company is embarking on an ambitious $1 billion investment plan over the next four years to expand its presence across Africa.

    This includes leveraging opportunities presented by the African Continental Free Trade Agreement (AfCFTA) and bolstering Nigeria’s export potential to improve foreign exchange flows. Notably, FMN and Nigeria share a symbolic bond. Both are 64 years old, share the green and white colors, and are committed to fostering national development.

     FMN has pledged to remain integral to Nigeria’s economic growth while extending its reach across Africa, starting with West Africa. With this historic vote, FMN has reaffirmed its position as a cornerstone of Nigeria’s economy and a leader in Africa’s food and agro-allied industry.

     The company’s path forward underscores a patriotic commitment to its roots and a bold vision for continental growth, signaling brighter days for shareholders, employees, and the Nigerian economy.

  • FMN Prize for Innovation opens

    FMN Prize for Innovation opens

    Flour Mills of Nigeria Plc (FMN) has announced the take off of the third season of the FMN Prize for Innovation (PFI).

     The theme for this season, “Driving food self-sufficiency in Nigeria through precision agriculture’’.

    Three top winners stand to receive substantial rewards. The first-place winner will be awarded N5million, the second-place winner N3million, and the third-place winner N2million.

    Registration is between January 15 and February 15, this year.

    Read Also: FMN holds AGM as shareholders applaud performance

    All entries would undergo a  review by experts from the agro-allied sector.

     Group’s Managing Director/CEO,Mr. Boye Olusanya, stated: “The FMN – Prize for Innovation is one of the most practical initiatives in Nigeria designed to drive food self-sufficiency in the country.

    ‘’Through the FMN-PFI, the Group has been able to identify, and empower winners of the Prize such that past winners recorded about 200 per cent growth both in their business and financial outlook.’’

     It is an invaluable opportunity for players within the food and agro-allied space in Nigeria to build sustainable businesses and contribute to the Nation’s agenda of food sustenance.”

    FMN Prize for Innovation initiative was established to encourage new ideas and innovations in the food and agro-allied sector in Nigeria and across the continent to impact and enable a sustainable food system in Nigeria.

  • FMN holds AGM as shareholders applaud performance

    FMN holds AGM as shareholders applaud performance

    Flour Mills of Nigeria Plc (FMN), a leading Nigerian food and agro-allied company, held its 63rd Annual General Meeting (AGM) at the Eko Hotel and Suites in Victoria Island, Lagos.

    The meeting which was held on November 9, brought together FMN shareholders, Board members, and stakeholders to review the company’s performance over the past year and discuss strategic plans for the future. In his opening address, Paul Miyonmide Gbededo, Vice Chairman of FMN Board of Directors, and the acting chairman for the meeting emphasized the company’s commitment to balancing shareholder returns with sustainable long-term growth.

    Shareholders overwhelmingly voiced their approval of FMN’s strong financial performance, praising the dividend payout of N9.23 billion at N2.25k per ordinary share. They urged the company to maintain its focus on profitability and shareholder value creation. However, shareholders also pushed for higher future dividend payments given FMN’s solid performance.

    On Corporate Social Responsibility (CSR), shareholders commended FMN’s support for community development initiatives across Nigeria. They emphasized the need for continued investments in CSR to uplift living standards. Mr. Gbededo affirmed this saying ‘’FMN remains as committed as ever to delivering sustainable long-term value for our shareholders while also upholding the highest standards of corporate social responsibility. We aim to strike the right balance between profitability and purpose. Our shareholders are our most valuable stakeholders. We highly appreciate their feedback and counsel which helps sharpen our focus on creating enduring shareholder wealth.”

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    Shareholders also stressed the importance of diversity, inclusion, and gender balance at all company levels. They advised accelerating efforts to ensure equitable female representation on FMN’s board and executive team. In responding, Mr. Boye Olusanya, the Group’s GMD/CEO stated that “enhancing diversity and inclusion remains a top priority. We are accelerating efforts to ensure women are equitably represented at senior levels of our company.”

    Additionally, shareholders advised maximizing utilization of local raw materials and production inputs to boost domestic value addition. FMN’s management highlighted that supporting local content remains a key priority. Mr Olusanya reiterated that “boosting domestic value chains through local sourcing is a key element of our growth strategy. We remain committed to supporting local farmers, suppliers, and partners.”

    During the meeting, shareholders unanimously re-elected five of the Company directors who were to retire by rotation – Mr Muhammad K. Ahmad, Mr Paul M. Gbedebo, Alh. Yunus O. Saliu, Mr. Folarin R.A. Williams, and Mrs. Juliet Anammah.

    FMN’s leadership expressed appreciation to the shareholders for their continued trust and counsel. The Board reiterated its commitment to upholding the highest standards of corporate governance while delivering shared prosperity for shareholders, consumers, and local communities.